The plenary session held this Wednesday in San Bartolomé approved declaring null and void the framework agreement for financial operations (swaps) signed on October 25, 2004 between the San Bartolomé City Council and Banco Santander Central Hispano S.A., as well as the successive financial swap contracts of interest rates signed under this framework agreement.
In total, the Consistory is claiming 1,572,175.21 euros from the entity. Thus, during the plenary session, it was also approved to initiate an administrative procedure to compensate for that amount and deduct it from the amount that the City Council in turn owes to this bank, which amounts to 3,100,000 euros.
According to the Consistory, the term of validity or cancellation date of the treasury operations expires on February 22, 2014.
Now, Banco Santander has a period of 10 days, starting from the day following the notification of this resolution, to allege and present the documents and justifications it deems pertinent.
